2025-04-08T14:50:30-05:00 2024-06-30 540504608 BROWN EDWARDS & COMPANY LLP 3906 ELECTRIC ROAD ROANOKE VA 24018 990 2023-07-01 541323858 VIRGINIA TECH INTELLECTUAL PROPERTIES INC VIRG 5402311231 1311 RESEARCH CENTER DRIVE 2057 BLACKSBURG VA 24061 GRANT BREWER PRESIDENT 5402311231 2025-04-03 1 0 JEFFREY G BARBOUR P01331383 5403450936 2025-04-03 2023 2025-03-06 01:10:19Z GRANT BREWER 1311 RESEARCH CENTER DRIVE 2057 BLACKSBURG VA 24061 4589538 0 X WWW.VTIP.ORG X 1985 VA THE ORGANIZATION'S MISSION IS TO PROMOTE SCIENTIFIC RESEARCH BY THE FACULTY, STAFF, AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY. 12 9 3 0 0 0 732624 845205 3138081 3674997 28042 69336 0 0 3898747 4589538 732624 845205 0 0 181368 232899 0 0 0 2522641 2875298 3436633 3953402 462114 636136 3574255 4046203 2118791 1938546 1455464 2107657 TO PROMOTE, ENCOURAGE, AND MARKET SCIENTIFIC RESEARCH BY THE FACULTY, STAFF AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). 0 0 3505170 845205 3674997 THE COMPANY MANAGED AND MARKETED ALL INTELLECTUAL PROPERTIES (I.E. PRODUCTS AND PROCESSES WHICH MAY BE PROTECTED BY EITHER A PATENT, TRADEMARK, COPYRIGHT, OR TRADE SECRET) DEVELOPED BY FACULTY, STAFF, OR STUDENTS OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). 3505170 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 119 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 9 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 0 0 X LISA AKERS 5402311231 1311 RESEARCH CENTER DRIVE STE 2057 BLACKSBURG VA 24060 DR DANIEL SUI CHAIR 1.00 40.00 X X 0 474123 60796 JUSTICE ELIZABETH A MCCLANAHAN SECRETARY/TREASURER 1.00 X X 0 0 0 DR BRETT MALONE DIRECTOR 1.00 X 0 0 0 KEN MILLER DIRECTOR 1.00 40.00 X 0 376127 71292 JAMES RAMEY DIRECTOR 1.00 X 0 0 0 ARTHUR SPIVY DIRECTOR 1.00 X 0 0 0 ROBERT BERTIN DIRECTOR 1.00 X 0 0 0 DR VINOD CHACHRA DIRECTOR 1.00 X 0 0 0 NELSON CHU DIRECTOR 1.00 X 0 0 0 DR X J MENG DIRECTOR 1.00 40.00 X 0 361973 68231 JOHN NEWBY DIRECTOR 1.00 X 0 0 0 DR JENNIFER REYNOLDS DIRECTOR 1.00 X 0 0 0 BRANDY SALMON PRESIDENT 1.00 40.00 X 0 280684 44463 0 1492907 244782 0 0 1 0 PERILLA KNOX & HILDEBRANDT LLP 5871 GLENRIDGE DRIVE SUITE 350 ATLANTA GA 30328 LEGAL 464106 JOHNSON MARCOU ISAACS & NIX LLC PO BOX 691 HOSCHTON GA 30548 LEGAL 210782 THOMAS HORSTEMEYER LLP 3200 WINDY HILL RD SE SUITE 1600E ATLANTA GA 30339 LEGAL 178250 3 845205 845205 ROYALTY REVENUE 900099 2362942 2362942 REIMBURSEMENT OF PATEN 900099 1310691 1310691 TECH FEES 900099 1364 1364 3674997 69336 69336 4589538 3674997 0 69336 845205 845205 184631 184631 16927 16927 18501 18501 12840 12840 86 86 31265 31265 17115 17115 16706 16706 11444 11444 32739 32739 1384 1384 12570 12570 ROYALTY EXPENSE 1363249 1363249 PATENT & TRADEMARK EXPE 1296716 1296716 REPAIRS 36214 36214 BAD DEBT EXPENSE 29685 29685 26125 26125 3953402 3505170 448232 0 1774409 2414712 1308227 1111975 3798 3858 13477 9738 1026 3739 457454 493581 29341 18338 3574255 4046203 424111 587882 1165339 832326 529341 518338 2118791 1938546 X 1455464 2107657 1455464 2107657 3574255 4046203 X 636136 16058 -1 X X 0 1 X 1 0 X X 1 VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY 546001805 2 1 845205 0 1 845205 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X PART 1, LINE 12G, COLUMN (VI): THE EXPENSES BY VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO PROVIDE SUPPORT AND MANAGEMENT TO ITS SUPPORTED ORGANIZATION, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH). PART IV, SECTION D, LINE 3: BY LAWS: PAGE 2: ARTICLE VII, BOARD OF DIRECTORS PURSUANT TO VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. BYLAWS, THE SUPPORTED ORGANIZATION, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY, HAS THE POWER TO APPOINT AND REMOVE THE MAJORITY OF THE BOARD OF VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. (VTIP). BECAUSE OF THIS GOVERNANCE STRUCTURE, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY IS ABLE TO HAVE A SIGNIFICANT VOICE IN THE ORGANIZATION AND IN DIRECTING THE USE OF THE INCOME AND ASSETS OF VTIP. PART IV, SECTION E, LINE 1 VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. SUPPORTS VIRGINIA TECH BY PROTECTING ITS INTELLECTUAL PROPERTY (FILING PATENTS WHEN APPLICABLE) AND COMMERCIALIZING NEW TECHNOLOGIES THAT COME FROM RESEARCH AT VIRGINIA TECH. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13477 9738 3739 3739 INVESTMENTS HELD BY VTF 492110 F ALTERNATIVE INVESTMENTS 1471 F 493581 NOTES PAYABLE TO VTF 500000 OPERATING LEASE LIABILITY 18338 518338 X 3242347 16058 16058 3226289 1363249 1363249 4589538 2590154 1 1 2590153 1363249 1363249 3953402 PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RULED THAT VTIP, INC. QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS THEREFORE NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. MANAGEMENT OF VTIP, INC. BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2024 AND 2023 WOULD NOT HAVE A SIGNIFICANT IMPACT ON ITS RESULTS OF ACTIVITIES. VTIP HAS ANALYZED FILING POSITIONS IN THE FEDERAL AND STATE JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS, INCLUDING ITS STATUS AS A TAX-EXEMPT ORGANIZATION, AND NO RESERVES FOR UNCERTAIN TAX POSITIONS, INTEREST, OR PENALTIES, HAVE BEEN RECORDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROYALTY EXPENSE 1,363,249. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 1. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROYALTY EXPENSES 1,363,249. 1 VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY VIRGINIA TECH CAMPUS BLACKSBURG VA 24061 546001805 115 845205 0 CONSULTINGCONTRACT SERVICES PART I, LINE 2: VIRGINIA TECH INTELLECTUAL PROPERTIES PROVIDES SUPPORT TO VIRGINIA TECH FOR CONTRACTED SERVICES. X X 0 0 0 0 0 0 0 0 0 DR DANIEL SUI CHAIR 0 469525 0 0 0 4598 0 40071 0 20725 0 534919 0 0 KEN MILLER DIRECTOR 0 365688 0 0 0 10439 0 53097 0 18195 0 447419 0 0 DR X J MENG DIRECTOR 0 344703 0 0 0 17270 0 36446 0 31785 0 430204 0 0 BRANDY SALMON PRESIDENT 0 279249 0 0 0 1435 0 14222 0 30241 0 325147 0 0 PART I, LINE 3 COMPENSATION PROCESS FOR OFFICERS THE CHAIRMAN OF THE BOARD ESTABLISHES THE COMPENSATION OF THE PRESIDENT DURING THE ANNUAL PERFORMANCE REVIEW PROCESS. THE CHAIRMAN MAY USE STATISTICS FROM THE ASSOCIATION FOR UNIVERSITY TECHNOLOGY MANAGERS (AUTM) FOR COMPARISONS TO DETERMINE THE PRESIDENT'S COMPENSATION. THE PRESIDENT'S COMPENSATION INCREASES ARE DOCUMENTED BY A LETTER FROM HER/HIS SUPERVISOR, WHO IS THE CHAIRMAN OF THE BOARD. ANY ADDITIONAL COMPENSATION INCREASES OUTSIDE OF THE ANNUAL COMPENSATION REVIEW PROCESS MUST BE PRESENTED, DISCUSSED, AND APPROVED BEFORE THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS A SUBSET OF THE BOARD, AND THE BOARD ANNUALLY APPROVES THE BUDGET, WHICH INCLUDES THE COMPENSATION. FORM 990, PART VI, SECTION A, LINE 4 THE CORPORATION AMENDED AND RESTATED ITS BYLAWS AND ARTICLES OF INCORPORATION, EFFECTIVE OCTOBER 31, 2024, IN ORDER TO BETTER CLARIFY THE TERMS OF THE ORGANIZATIONAL DOCUMENTS AND PROVIDE FOR MORE EFFICIENT LEADERSHIP AND ADMINISTRATION OF THE CORPORATION. SIGNIFICANT CHANGES MADE TO THE ARTICLES OF INCORPORATION: 1. REMOVED REPRESENTATIVE DIRECTORS AND ADDED NEW EX-OFFICIO DIRECTORS. 2. ADDED A NEW PROVISION TO ALLOW THE BOARD TO NOMINATE & ELECT A REPLACEMENT EX-OFFICIO DIRECTOR IN THE EVENT THAT ANY EX-OFFICIO DIRECTOR IS UNWILLING/UNABLE TO SERVE. 3. THE BOARD IS REQUIRED TO NOMINATE & ELECT A REPLACEMENT DIRECTOR FOR AN EX-OFFICIO DIRECTOR IN THE EVENT THAT ONE INDIVIDUAL HOLDS TWO OR MORE EX-OFFICIO POSITIONS. SIGNIFICANT CHANGES MADE TO THE BYLAWS: 1. STRUCTURAL CHANGES TO THE BOARD THAT MIRROR THE CHANGES MADE TO THE ARTICLES. 2. CHANGES TO THE COMPOSITION OF THE EXECUTIVE COMMITTEE OF THE BOARD: A. REMOVED THE REQUIREMENTS THAT AT LEAST ONE MEMBER OF THE EXE COMM BE A MEMBER OF THE VIRGINIA TECH FACULTY B. ALL FOUR EX-OFFICIO DIRECTORS ARE INCLUDED IN THE EXECUTIVE COMMITTEE C. THE EXECUTIVE COMMITTEE SIZE IS REDUCED FROM SEVEN TOTAL DIRECTORS, DOWN TO A RANGE OF THREE TO FIVE DIRECTORS WHO ARE CHOSEN BY THE CHAIRMAN OF THE BOARD 3. INCREASED THE VICE PRESIDENT'S SIGNING AUTHORITY TO CONTRACTS NOT IN EXCESS OF $50,000, AND ADDED LANGUAGE THE WOULD ALLOW THE EXECUTIVE COMMITTEE TO APPROVE A VP TO SIGN CONTRACTS THAT COULD GIVE RISE TO LIABILITIES IN EXCESS OF $50,000 THE 10.31.24 RESOLUTIONS OF THE BOARD OF DIRECTORS APPOINT AND CONFIRM THE FOLLOWING INDIVIDUALS: MR. GRANT BREWER AS PRESIDENT OF VTIP DR. DANIEL SUI AS CHAIRMAN OF THE BOARD MR. SIMON ALLEN AS AN EX-OFFICIO DIRECTOR DR. BRANDY SALMON AS AN EX-OFFICIO DIRECTOR FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTING FIRM BROWN EDWARDS & COMPANY LLP. THE RETURN IS THEN REVIEWED BY MANAGEMENT PRIOR TO FILING WITH THE IRS. EITHER THE PRESIDENT OR THE SECRETARY/TREASURER REVIEWS THE FORM 990 BEFORE THEY SIGN IT. THE CONTROLLER REVIEWS ALL DATA BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY VTIP FOLLOWS THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY CONFLICT OF INTEREST POLICY WHICH REQUIRES IMMEDIATE REPORTING OF ANY NEW POTENTIAL CONFLICTS OF INTEREST AND AN ANNUAL UPDATE OF THESE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION PROCESS FOR OFFICERS THE CHAIRMAN OF THE BOARD ESTABLISHES THE COMPENSATION. THE CHAIRMAN USES STATISTICS FROM THE ASSOCIATION FOR UNIVERSITY TECHNOLOGY MANAGERS (AUTM) FOR COMPARISONS TO DETERMINE THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE ORGANIZATION MAKES ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING -1. PART XII, LINE 2C THERE WAS NO CHANGE TO THE COMPANY'S OVERSIGHT PROCESS IN THE CURRENT YEAR. VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY VIRGINIA TECH CAMPUS BLACKSBURG VA 24061 546001805 HIGHER EDUCATION VA 115 N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0